It represents the first transaction between the two parties.
The Fairfax development, which was acquired via a forward funding agreement by Round Hill Capital in August 2022, comprises two towers totalling 488 one- and two-bed apartments.
Residents will benefit from amenities including a gym, 24-hour concierge, co-working space, and roof terrace with views of the city skyline.
Specialist BTR developer Olympian Homes is the development manager on the scheme, with RG Group serving as the main contractor.
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Taj Sidhu, head of Carlyle European and Asian Private Credit, said: “This is a unique opportunity to fund a large scale and landmark residential development alongside a highly established living sector investment manager, in what is a prime area of Manchester.
“Leveraging the resources and experience of Carlyle’s global credit team, the development will deliver the very best of city centre living, with luxury amenities and contemporary design throughout the apartments and communal spaces.”
Tom France, head of UK Round Hill Capital, added: “Fairfax is our flagship UK BTR scheme, in what is one of our high conviction sectors where we have ambitions to continue scaling our exposure.
“With a limited development pipeline, we anticipate strong demand for what will be one of the city’s premier BTR schemes.”